# Joint Model: CA = f(Demographics, Trilemma, Interactions)

| Variable | Z only | Z + Trilemma | Z + Tri + Int | Full Joint |
|:---|---:|---:|---:|---:|
| Z_1 | -31.1056*** | -26.9917** | -26.4335** | 17.2271 |
| | (11.0268) | (11.9432) | (11.9805) | (30.1493) |
| Z_2 | 4.9570*** | 4.5139** | 4.4807** | -1.6074 |
| | (1.6721) | (1.8131) | (1.8156) | (4.6143) |
| Z_3 | -0.2114*** | -0.1974*** | -0.1969*** | 0.0335 |
| | (0.0687) | (0.0746) | (0.0747) | (0.1902) |
| fiscal_bal_gdp | 0.3815*** | 0.3952*** | 0.3944*** | 0.3949*** |
| | (0.0335) | (0.0377) | (0.0378) | (0.0377) |
| nfa_gdp_lag | -0.1887 | -0.2825 | -0.2827 | -0.3017 |
| | (0.2322) | (0.2492) | (0.2495) | (0.2489) |
| rgdp_growth | 0.2057*** | 0.2423*** | 0.2425*** | 0.2414*** |
| | (0.0222) | (0.0237) | (0.0237) | (0.0237) |
| log_rel_opw | 2.6185*** | 2.4459*** | 2.4481*** | 2.5234*** |
| | (0.4080) | (0.4422) | (0.4428) | (0.4431) |
| kaopen | 0.8738*** | 0.8379*** | 0.8322*** | 0.8249*** |
| | (0.1854) | (0.2061) | (0.2065) | (0.2057) |
| mi_index | | 0.5270 | -0.0970 | 0.2843 |
| | | (0.9460) | (1.3084) | (1.3280) |
| ers_index | | -0.0497 | 0.0148 | 0.4750 |
| | | (0.6586) | (1.0809) | (1.1061) |
| Z_1_x_mi_index | | | -0.5014 | 3.3402 |
| | | | (0.6796) | (41.7174) |
| Z_1_x_ers_index | | | 0.0672 | -68.9543** |
| | | | (0.5182) | (28.9465) |
| Z_2_x_mi_index | | | | -1.3898 |
| | | | | (6.3345) |
| Z_2_x_ers_index | | | | 10.1346** |
| | | | | (4.4996) |
| Z_3_x_mi_index | | | | 0.0811 |
| | | | | (0.2594) |
| Z_3_x_ers_index | | | | -0.4008** |
| | | | | (0.1873) |
|:---|---:|---:|---:|---:|
| N | 4881 | 4024 | 4024 | 4024 |
| R² | 0.1295 | 0.1361 | 0.1357 | 0.1438 |
| Countries | 162 | 142 | 142 | 142 |

*Panel GLS with country and year fixed effects. Interactions test whether the demographic CA effect varies with exchange rate regime choice. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*